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 Summary of Risks Covered
Outline of Cover
Liability
- Public or Third Party Legal Liability
- Indemnity
for claims made against the insured as a result of bodily injury
(including death) or damage to property arising out of the activities
of the insured’s business, but not for products
- Includes costs and expenses incurred defending claims
- Most
policies are on an “occurrence” basis; in which the event triggering
the claim must fall within the policy period, even if not discovered
until much later
- Some policies are, however, on a “claims
made” basis, where an event giving rise to a claim has to be notified
before the expiry of the policy period
- Limits of Liability from ground up to US$ 200 million any one event are available
Products Liability
- The same as Public or Third Party Legal Liability but arising from goods sold, supplied, altered or repaired
- One major difference is that the Limit of Indemnity is in the aggregate for the period
Pollution Liability
- Most
policies above can be extended to include liability arising from sudden
and accidental pollution. The Limit of Indemnity is in the
aggregate for the period
- There is a limited market for gradual
pollution and is usually on a “funding” basis to provide for a
contingency that is inevitable
Products Guarantee/Recall
- Provides
payment for replacing goods, which prove to be faulty after delivery to
customers. The policy can also be extended to include the costs
of goods suspected to be faulty
Professional Risks - Professional Indemnity
- Indemnity
for claims made against the Insured as a result of negligent acts or
omissions arising out of the Insured’s professional activities;
including costs and expenses of defending claims
- Policies are on a “claims made” basis
- The
cover is usually on an annual basis, but, for clients in the construction
industry, policies are available for Single Contracts
- Underwriters always insist on completion of a proposal form and at each renewal a new proposal form is required
Professional Risks - Errors and Omissions
- This
is similar to professional indemnity but applicable to trades, which
may not be considered as involving professional services but where
advice is given
Professional Risks - Medical Malpractice
- The
cover can be extended to medical institutions such as hospitals and
clinics, as well as groups of doctors, nurses and others working in the
field of medicine
- Cover is on a similar basis as that for Professional Indemnity
Personal Injury - Group Personal Accident
- To provide benefits in the event of accidental death or injury to the class of persons insured
- The usual cover is for Capital Benefits to be paid for death, loss of arms/legs/eyes or Permanent Total Disability
- Cover
is also available on a sliding scale for other injuries involving other
limbs and also weekly benefits for Temporary Total or Partial
Disability
Personal Injury - Group Medical Expenses
- To provide cover for medical expenses incurred in the event of accident or sickness
- The cover may be restricted to hospital expenses only
Personal Injury - Group Travel
- Annual
policies including Personal Accident and Medical expenses together with
Baggage, Money and Personal Liability for persons travelling on company
business
Group Term Life
- Provides a capital sum in the event of the death of the insured from both accidental and natural causes
Legal Protection - Directors & Officers Insurance
- Provides
cover for directors and officers of the insured to defend against
allegations of wrongful acts in their capacities as directors and
officers of their companies
- Indemnity is given for any damage(s), judgement(s), settlement(s) and defence costs awarded against the insured
- The policy is on a “claims made” basis and Limits of up to US$ 200 million are available
- Following
the recent high profile cases involving directors of prominent
companies facing legal action both civil and criminal this cover is now
becoming an essential part of the insurance package for any commercial
organisation
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